Search found 591 matches

by cshell2
Sat Apr 17, 2021 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: Accessing College Financial Aid for Higher Income Households
Replies: 18
Views: 879

Re: Accessing College Financial Aid for Higher Income Households

Out of the box ideas to not pay for college. Don't have kids. Adopt them out. Focus on getting merit based aid. Just don't pay for it. Plenty of parents refuse. Kid can join the military, work and attend locally PT, or wait until 24 when they're independent. The thing about coming up with "avoi...
by cshell2
Sat Apr 17, 2021 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Accessing College Financial Aid for Higher Income Households
Replies: 18
Views: 879

Re: Accessing College Financial Aid for Higher Income Households

Call me crazy, but I'd just save up for it. Seven figure portfolio and kids not even here yet? You have plenty of time and resources.
by cshell2
Fri Apr 16, 2021 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Tax implications for child filing as an indendant
Replies: 12
Views: 575

Re: Tax implications for child filing as an indendant

It makes no difference if they're dependent or independent when it comes to treatment of 529 withdrawals. It's still a parental asset on FAFSA and you're still the account owner, and him the beneficiary, so as long as distributions are for qualified expenses for the beneficiary they are tax-free wit...
by cshell2
Thu Apr 15, 2021 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: First child entering college in the fall... need some advice
Replies: 174
Views: 10313

Re: First child entering college in the fall... need some advice

I'll give another perspective that shows just how hard "need" based aid is. Of course, this has probably changed over time, but when I was entering college in the early 1990's, it was expected that my parents (3 kids, I was the only one in college) should be paying some obscene amount of ...
by cshell2
Thu Apr 15, 2021 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications for child filing as an indendant
Replies: 12
Views: 575

Re: Tax implications for child filing as an indendant

I agree with pp. It's not something you can really choose. Either he is or isn't. But, there is no personal exemption for dependents anymore. You would lose the $500 adult dependent credit and it's doubtful he would be able to utilize the education credits on his income since he has no tax obligatio...
by cshell2
Thu Apr 15, 2021 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: "Nobody's ever regretted paying off the mortgage."
Replies: 306
Views: 19787

Re: "Nobody's ever regretted paying off the mortgage."

I know this wasn't directed at me... but the gist of it is - just because you have a 'paid off house' it isn't without on going expenses (that may increase over time). You could loose your "paid off house" - if you don't pay your property taxes. If you don't insure the house and it become...
by cshell2
Thu Apr 15, 2021 10:15 am
Forum: Personal Finance (Not Investing)
Topic: "Nobody's ever regretted paying off the mortgage."
Replies: 306
Views: 19787

Re: "Nobody's ever regretted paying off the mortgage."

In some (many hcol/vhcol) parts of country - not only the mortgage is large - even possibly larger are “property/school/mud taxes” For folks who feel stress free or paid-off mortgage., don’t party too soon. Your escrow items, HoA, house-maint items ain’t too cheap - especially if you are under paid...
by cshell2
Wed Apr 14, 2021 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: "Nobody's ever regretted paying off the mortgage."
Replies: 306
Views: 19787

Re: "Nobody's ever regretted paying off the mortgage."

I figure I'm already putting 60% of my income in tax-preferred accounts and drive a [expletive removed by admin LadyGeek]. I feel justified in "blowing" money on prepaying my 2.7% mortgage now. :D
by cshell2
Wed Apr 14, 2021 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: "Nobody's ever regretted paying off the mortgage."
Replies: 306
Views: 19787

Re: "Nobody's ever regretted paying off the mortgage."

I actually think it's a smarter play to have a mortgage, I would argue it's essentially subsidized by the government to carry one. For most people this is no longer true with the significant increase in standard deductions. And the low interest rates. I have not been able to itemize for many years ...
by cshell2
Wed Apr 14, 2021 9:19 am
Forum: Personal Finance (Not Investing)
Topic: How much does your employer sponsered health insurance cost you?
Replies: 43
Views: 2535

Re: How much does your employer sponsered health insurance cost you?

I pay about $700/year for a HDHP with $1000/year employer HSA contribution. This is for Employee + Children.

The PPO plan with a low deductible ($750pp) is $1532/year for single, $7460/year Family.

Large employer.
by cshell2
Fri Apr 09, 2021 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Tips to track monthly budget
Replies: 51
Views: 3718

Re: Tips to track monthly budget

Been using YNAB for 13 years and it was a game changer for my finances. Having said that, I'm still using the old downloadable software version and not the subscription service which is all that is available now. I really dislike the subscription model, but I understand why they went that way. Hard ...
by cshell2
Thu Apr 08, 2021 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Better to buy a new vs used car these days??
Replies: 21
Views: 1991

Re: Better to buy a new vs used car these days??

I'm struggling with this replacement vehicle decision as well. Also looking at Rav4 and Outback as well as the CRV. I pretty much have settled on 25K being the most I want to spend and it's really hard to find new for that. Going to test drive a 2017 Outback Touring 3.6L with 25K miles tonight. New...
by cshell2
Thu Apr 08, 2021 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Better to buy a new vs used car these days??
Replies: 21
Views: 1991

Re: Better to buy a new vs used car these days??

I was always under the impression that its best to buy a car 3-5 years old with 40k to 60k miles so that most of the depreciation has already been taken but looking around it seems that the price difference between a brand new Rav4 or Outback and a used one is pretty small. Is it even worth buying ...
by cshell2
Thu Apr 08, 2021 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Better to buy a new vs used car these days??
Replies: 21
Views: 1991

Re: Better to buy a new vs used car these days??

I'm struggling with this replacement vehicle decision as well. Also looking at Rav4 and Outback as well as the CRV. I pretty much have settled on 25K being the most I want to spend and it's really hard to find new for that. Going to test drive a 2017 Outback Touring 3.6L with 25K miles tonight. New ...
by cshell2
Thu Apr 08, 2021 10:55 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

As someone that has worked in the electronics industry for the past 30 years. All the modern safety features actually make me a little nervous. Both from the standpoint of I know the failure rate of these items in high end applications (we do medical and military stuff), and from the cost standpoint...
by cshell2
Thu Apr 08, 2021 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Chase Sapphire Preferred
Replies: 17
Views: 1401

Re: Chase Sapphire Preferred

I just met the 48 month waiting period to get the CSP again for the sign on bonus. I think there is something for the point churners where it makes sense to have the card (transfer UR points from other Chase cards to the CSP for greater travel rewards), but it's not something I will use enough to ma...
by cshell2
Thu Apr 08, 2021 8:29 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

These days it is hard to tell a old car from new unless you are in a area where weather takes a toll we live in utah with 10 year old cars - both purchased used at 3-5 yrs old and they look fine on the outside except for the scratch on the bumper that wife managed to put on. They cost us 28K when p...
by cshell2
Thu Apr 08, 2021 8:10 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

I'm thinking of the EOL date for my wife's Honda Odyssey at 'only' 10 yrs and 96k miles. I have a 2005 Odyssey with 220K and it was pretty much all general maintenance until I hit 200K. Then stuff started going. This last year is when it really started to get annoying. Yesterday the AC quit. I'm ho...
by cshell2
Wed Apr 07, 2021 10:26 pm
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

In old movies or old pictures you rarely see new cars. Now, I look around. Never see a car older than 10 yrs. Never see, for example an old Benzo or old Bmer around. I go to the mall and don't see one single clunker. It is strange. Strange is right. I'm wondering where you live that you never see a...
by cshell2
Wed Apr 07, 2021 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Anyways to improve financial aid?
Replies: 70
Views: 3682

Re: Anyways to improve financial aid?

$30,000/yr. of merit is actually not far off for a good student. My daughter just went through this process. She had a 3.96 GPA and 1400 SAT and probably average extracurriculars. Every single school she applied to in this mid-range private liberal arts college category offered her merit aid in the...
by cshell2
Wed Apr 07, 2021 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Anyways to improve financial aid?
Replies: 70
Views: 3682

Re: Anyways to improve financial aid?

I mean, for example. I just did the Net Price Calculator for Hartwick College and a student with an EFC of 60K (no need based aid) and a 3.0 GPA with a 25 ACT got an auto incoming merit scholarship of 32K (divided by 4), and the NPC is really outdated (said 2018).
by cshell2
Wed Apr 07, 2021 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Anyways to improve financial aid?
Replies: 70
Views: 3682

Re: Anyways to improve financial aid?

If I did this right, there should be two images https://i.ibb.co/NSLfnZ4/col1.jpg Second: https://i.ibb.co/NVpHYnH/col2.jpg The first one shows which colleges are offering aid as of now The second one shows how some of that aid is determined giving us ways that he can earn more. Right now we are pr...
by cshell2
Wed Apr 07, 2021 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Anyways to improve financial aid?
Replies: 70
Views: 3682

Re: Anyways to improve financial aid?

This is extreme but if you can get your income under $26k then your expected contribution would automatically be zero. This is what I do. My gross is only about 50K, so it's not ridiculously hard. Maxing my 401K and HSA get me way past the limit. It's actually 27K now and after the FAFSA changes ne...
by cshell2
Wed Apr 07, 2021 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Can I open a side HSA for rolling in employer HSA (and still keep contributing to employer HSA due to matching)?
Replies: 9
Views: 485

Re: Can I open a side HSA for rolling in employer HSA (and still keep contributing to employer HSA due to matching)?

Yes. I do this. My employer has us set up with HSA Bank. Two or three times a year I funnel off any amount over 3K to the account I set up at Fidelity. The 3K amount is because that's the point where HSA Bank is not charging me $2/month service charge and I like to have a few thousand in cash in cas...
by cshell2
Wed Apr 07, 2021 12:54 pm
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

Also don't ignore the insurance/tax/registration cost savings of driving older less expensive cars paid in cash. Honestly, this is what's hanging me up more than the plunking down the initial cash for a new vehicle. I got an insurance quote of 4X what I'm paying on my 2005 and my tabs would be goin...
by cshell2
Wed Apr 07, 2021 9:53 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

A problem for low income folks is it's hard to get a loan on a beater and 5K for a cash car might be out of reach, but a 0 down new car with a $300/month payment is doable. Even with bad credit, dealerships can make it happen with crazy high interest rates.
by cshell2
Wed Apr 07, 2021 9:37 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

A $700 car payment is extreme. DD has a 2018 Toyota Highlander and her payment didn't break $400. Other family car is a 2020 Toyota Corolla, less than $300. The Highlander is paid off, the Corolla will be paid off this year. Well, obviously you can't really judge the true cost by the payment. I'm a...
by cshell2
Wed Apr 07, 2021 9:02 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

A $700 car payment is extreme. DD has a 2018 Toyota Highlander and her payment didn't break $400. Other family car is a 2020 Toyota Corolla, less than $300. The Highlander is paid off, the Corolla will be paid off this year. Well, obviously you can't really judge the true cost by the payment. I'm a...
by cshell2
Wed Apr 07, 2021 8:35 am
Forum: Personal Consumer Issues
Topic: The $2000-$4000 Car :) This made me wealthy so jump on board
Replies: 281
Views: 20632

Re: The $2000-$4000 Car :) This made me wealthy so jump on board

I bought a 1997 Camry with 192K on it for my son when he turned 16 for $500 and 200 bales of hay. :D I was hoping to get a year out of it, but it's been going strong for 3 years now. It did need a bunch of brake work to the tune of $800, but that's pretty much been it. On the flip side, my 2005 Odys...
by cshell2
Tue Apr 06, 2021 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: Anyways to improve financial aid?
Replies: 70
Views: 3682

Re: Anyways to improve financial aid?

Go for merit aid instead. Make sure your student gets perfect SAT scores and get a 4 or 5 on 15 or more AP exams. Also make sure they have a job in high school. Anybody who can juggle a jobs and do great academically does not really need extracurriculars like sports, music, chess, and rowing. Yes, ...
by cshell2
Tue Apr 06, 2021 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Should I be concerned about over funding 529?
Replies: 17
Views: 1674

Re: Should I be concerned about over funding 529?

205K is a lot in a 529 especially if you can easily cashflow quite a bit while he's in school. I'd move on to taxable accounts at this point instead, especially since you get no state tax break on the contributions anyhow.
by cshell2
Mon Apr 05, 2021 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Which life insurance to get? Work vs. personal policy
Replies: 34
Views: 2293

Re: Which life insurance to get? Work vs. personal policy

I have a policy outside of work. I would not be comfortable with a work policy for my primary coverage as there is too much that could happen to make it useless. I do have both because work provides 2X income free of charge as a benefit. Extra coverage used to be cheap and easy through them when I w...
by cshell2
Tue Mar 30, 2021 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Buying a farm
Replies: 34
Views: 4499

Re: Buying a farm

So, you're essentially talking about buying contract for deed. I bought my land that way many years ago, but there are some significant risks for the buyer in these deals so you might want to research those a little.
by cshell2
Sun Mar 28, 2021 11:14 am
Forum: Personal Consumer Issues
Topic: Can I stop working? [New car discussion]
Replies: 63
Views: 3303

Re: Can I stop working?

Ok when it is a 25 kid with no savings That’s one thing.... this guy has $6 Million and drives a 16 year old car! Penny wise pound foolish, carries all imaginable insurance but avoids spending 0.01 (or less) of portfolio on a safer car?! lol people keep saying buying new car for a safer car. Just b...
by cshell2
Sun Mar 28, 2021 10:16 am
Forum: Personal Consumer Issues
Topic: Can I stop working? [New car discussion]
Replies: 63
Views: 3303

Re: Can I stop working?

Ok when it is a 25 kid with no savings That’s one thing.... this guy has $6 Million and drives a 16 year old car! Penny wise pound foolish, carries all imaginable insurance but avoids spending 0.01 (or less) of portfolio on a safer car?! lol people keep saying buying new car for a safer car. Just b...
by cshell2
Sat Mar 27, 2021 10:34 am
Forum: Personal Consumer Issues
Topic: My 2017 CRV is a victim of the dreaded oil gas-dilution issue
Replies: 1212
Views: 207091

Re: My 2017 CRV is a victim of the dreaded oil gas-dilution issue

I'm also in MN, so the cold weather talk worried me a little, but I drive a lot. I'm out in the country and it's 30 miles round trip to pretty much anywhere I want to go. It's making me rethink the 2017 Touring I'm looking at a little though. It only has 19K miles which I thought was a plus, but may...
by cshell2
Sat Mar 27, 2021 8:46 am
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3318

Re: 529 affect on FAFSA?

Is this for real? "The next change will start with the 2023-2024 academic year, when money used from a 529 account that is owned by neither the student nor a parent (example: from an account owned by a grandparent) will no longer need to be reported as student untaxed income." What's to k...
by cshell2
Fri Mar 26, 2021 11:42 pm
Forum: Personal Consumer Issues
Topic: My 2017 CRV is a victim of the dreaded oil gas-dilution issue
Replies: 1212
Views: 207091

Re: My 2017 CRV is a victim of the dreaded oil gas-dilution issue

Are you kidding me? I start thinking about buying a newer to me vehicle for the first time in many years, fall in love with a 2017 CRV Touring and a 2018 CRV EXL on the lot today, come home to do a little research and find this 24 page long thread. :oops: I keep my vehicles forever and don't want t...
by cshell2
Fri Mar 26, 2021 10:05 pm
Forum: Personal Consumer Issues
Topic: My 2017 CRV is a victim of the dreaded oil gas-dilution issue
Replies: 1212
Views: 207091

Re: My 2017 CRV is a victim of the dreaded oil gas-dilution issue

Are you kidding me? I start thinking about buying a newer to me vehicle for the first time in many years, fall in love with a 2017 CRV Touring and a 2018 CRV EXL on the lot today, come home to do a little research and find this 24 page long thread. :oops: I keep my vehicles forever and don't want to...
by cshell2
Thu Mar 25, 2021 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on Scholarship
Replies: 4
Views: 494

Re: Tax on Scholarship

Scholarships used to pay for tuition are not taxable income. He should get a 1098-T from the school showing QEE paid and you will report the scholarship, but as long as it was less than QEE, it's not taxable.
by cshell2
Wed Mar 24, 2021 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: What is an average retirement a/c worth in America ?
Replies: 228
Views: 22388

Re: What is an average retirement a/c worth in America ?

What is the size of the average of retirement assets in America for those in their mid to late 40s? We're now aggressively maxing out our Roths & one 401K. Anyone else out there between 45 to 50 with less than a million in assets (not counting education a/cs) but feel you'll make it to a millio...
by cshell2
Wed Mar 24, 2021 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: What is an average retirement a/c worth in America ?
Replies: 228
Views: 22388

Re: What is an average retirement a/c worth in America ?

What is the size of the average of retirement assets in America for those in their mid to late 40s? We're now aggressively maxing out our Roths & one 401K. Anyone else out there between 45 to 50 with less than a million in assets (not counting education a/cs) but feel you'll make it to a millio...
by cshell2
Sun Mar 14, 2021 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Pulled the trigger on a solar install
Replies: 37
Views: 4928

Re: Pulled the trigger on a solar install

I'm jealous! I had an estimate done last week, but I just can't make the numbers work for me right now, mainly because I wouldn't get the tax credit, (no liability and don't expect to have one for quite a while) so it would be 25K for a 9.6 kWh system that would provide 103% of need instead of the ...
by cshell2
Fri Mar 12, 2021 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Pulled the trigger on a solar install
Replies: 37
Views: 4928

Re: Pulled the trigger on a solar install

I'm jealous! I had an estimate done last week, but I just can't make the numbers work for me right now, mainly because I wouldn't get the tax credit, (no liability and don't expect to have one for quite a while) so it would be 25K for a 9.6 kWh system that would provide 103% of need instead of the 1...
by cshell2
Tue Mar 09, 2021 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Kiddie Tax Help
Replies: 3
Views: 241

Re: Kiddie Tax Help

aristotelian wrote: Tue Mar 09, 2021 12:10 pm The child owes tax but parent has the option to pay it on their return. I file separate returns for my kids using Form 8615.
This is what I do as well. I like having it all separate and the kids help with doing their returns so they know what's going on...or at least are starting to get an idea.
by cshell2
Fri Mar 05, 2021 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Help with FSA contribution mistake
Replies: 10
Views: 507

Re: Help with FSA contribution mistake

Looks like you got it right. You really have until Aug 15th. I'd find out what you need to do to document a change in cost and change your withholding. If they absolutely will not you could always pay mom, but she would have to claim the income. This is what I had to do last year to get mine out aft...
by cshell2
Fri Mar 05, 2021 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Help with FSA contribution mistake
Replies: 10
Views: 507

Re: Help with FSA contribution mistake

You won't be able to get back what you already put in unless you have expenses before May 31st, but you should be able to stop it from being drawn. I guess it's how much of sticklers they are for proof. But not sure what kind of proof you can have that says you have no childcare costs? With our FSA ...
by cshell2
Fri Mar 05, 2021 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Help with FSA contribution mistake
Replies: 10
Views: 507

Re: Help with FSA contribution mistake

No, your employer is not obligated to offer the rollover option the Feds provided. Mine is not going to. But, with Dependent Care FSA, change in cost of coverage is a qualifying event. I would just have your wife tell them that she no longer needs childcare and they have to let her change her contri...
by cshell2
Fri Mar 05, 2021 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Taxes - Success in Doing Them Yourself
Replies: 34
Views: 2748

Re: Taxes - Success in Doing Them Yourself

I've done my own for 30 some years and have the benefit of starting pre-software when everything was on paper. Started easy as a teen with the 1040-EZ (you could even file this one by phone!), then moved up to buying a house and having kids and investments, now the fun of college expense taxes. Ever...
by cshell2
Thu Mar 04, 2021 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Urgent Care bill - does this seem high?
Replies: 44
Views: 2454

Re: Urgent Care bill - does this seem high?

My son had the rubber tip of his ear bud come off and get lodged in his ear canal. School would not deal with it and said he had to go to urgent care which was a block away. I left work ran him over there, they literally took a tweezers, pulled the ear bud out and sent us on our way. The PA even sai...